Guardforce AI Secures Two-Year Contract for its End-to-End Cash Management Solution Including Guardforce Digital Machine in Thailand

Rhea-AI Summary

Guardforce AI subsidiary, GFCS, secures two-year contract for end-to-end cash management solutions in Thailand, strengthening company's position. Contract includes GDM service to enhance client's safety and efficiency. Company aims to expand into other sectors like robotics.

Positive

• Guardforce AI strengthens position in Thailand with contract renewal
• GDM service enhances client's safety and efficiency

Negative

• None.

NEW YORK, NY, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security provider specializing in secured logistics, Artificial Intelligence (AI) and Robot-as-a-Service (“RaaS”), today announced that its subsidiary, Guardforce Cash Solutions Security (Thailand) Company Limited (“GFCS”), has secured a two-year contract with a pre-existing client (“Client”) for its end-to-end cash management solutions, further strengthening the Company’s leading position in Thailand.

The end-to-end cash management solution in this contract renewal includes Guardforce Digital Machine (“GDM”), Cash-in-Transit (“CIT”), Cash Processing Centre, and Change Fund services across four locations in Bangkok, Thailand.

GDM, which is the newly added service in this contract, enhances the Client’s safety through a security system that protects from potential fraud or theft. GDM also minimizes work processes and enhances efficiency by eliminating the need for staff to count cash by hand, thereby decreasing cash counting errors. The Client can also generate revenue reports at any time, from anywhere.

Kee Yun (Tommy) Kwan, Chief Operating Officer of Guardforce AI, stated, "We’re grateful to our client for this contract award. We have been working with them for many years and are excited to expand the scope of our services.  We’re the only company in Thailand that provides complete end-to-end cash management solutions. Besides strengthening our position in the market, the relationships we maintain with our clients provide us a solid foundation to expand into other business sectors such as robotics.” 

About Guardforce AI Co., Ltd.

Guardforce AI Co., Ltd. (NASDAQ: GFAI, GFAIW) is a global security solutions provider, building on its legacy secured logistic business, while expanding to integrated AI and Robot-as-a-Service (RaaS) business.  With more than 40 years of professional experience and a strong customer foundation, Guardforce AI is developing RaaS solutions that improve operational efficiency, quickly establishing its presence in the Asia Pacific region, while expanding globally. For more information, visit www.guardforceai.com Twitter: @Guardforceai

Safe Harbor Statement

This press release contains statements that do not relate to historical facts but are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise.

Investor Relations:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: gfai@crescendo-ir.com
Tel: 212-671-1020

Guardforce AI Corporate Communications
Hu Yu
Email: yu.hu@guardforceai.com